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Modelling a small open economy using a wavelet-based control model
(18.10.2017)
Bank of Finland Research Discussion Papers 32/2017
Bank of Finland Research Discussion Papers 32/2017
This paper develops a wavelet-based control system model that can be used to simulate fiscal and monetary strategies in an open economy context in the time-frequency domain. As the emphasis on real exchange rate stability ...
Macroprudential measures and housing markets: a note on the empirical literature
(20.06.2016)
Bank of Finland Research Discussion Papers 18/2016
Bank of Finland Research Discussion Papers 18/2016
The global financial crisis has led to increased attention on the relationship of household indebtedness and systemic risks. As a result, macroprudential measures aimed at reducing the risks have been introduced in many ...
Bank instability: Interbank linkages and the role of disclosure
(14.07.2020)
Bank of Finland Research Discussion Papers 14/2020
Bank of Finland Research Discussion Papers 14/2020
We study the impact of disclosure about bank fundamentals on depositors’ behavior in the presence (and absence) of economic linkages between financial institutions. Using a controlled laboratory environment, we identify ...
The credit risk of Chinese households : A micro-level assessment
(07.05.2018)
BOFIT Discussion Papers 12/2018
BOFIT Discussion Papers 12/2018
Household borrowing in China has increased considerably in recent years, raising concerns about the household sector’s vulnerability and implications for the stability of the financial system. We construct a number of ...
Financial shocks, financial stability, and optimal Taylor rules
(26.08.2014)
Bank of Finland Research Discussion Papers 21/2014
Bank of Finland Research Discussion Papers 21/2014
We assess the performance of optimal Taylor-type interest rate rules, with and without reaction to financial variables, in stabilizing an economy following financial shocks. The analysis is conducted in a DSGE model with ...
Raha- ja valuuttamarkkinoiden vakaus EMS-maissa
(27.10.1988)
Bank of Finland Research Discussion Papers 22/1988
Bank of Finland Research Discussion Papers 22/1988
Euroopan valuuttajärjestelmä (EMS) luotiin vuonna 1979 ja sen tavoitteena oli rakentaa talousyhteisömaiden kesken vyöhyke, jolla vallitsisi rahataloudellinen stabiliteetti. Selvityksessä tarkastellaan EMS:n toimintaa ja ...
Erosion of state power, corruption control, and political stability
(25.02.2020)
BOFIT Discussion Papers 5/2020
BOFIT Discussion Papers 5/2020
How do corruption and the state apparatus interact, and how are they connected to the political and economic dimensions of state capacity? Motivated by historians' analysis of powerful empires, we build a model that ...
The interaction of monetary and macroprudential policies in economic stabilisation
(10.02.2016)
Bank of Finland Research Discussion Papers 1/2016
Bank of Finland Research Discussion Papers 1/2016
I analyse the dynamics of a New Keynesian DSGE model where the financing of investments is affected by a moral hazard problem. I solve for jointly Ramsey-optimal monetary and macroprudential policies. I find that when a ...
Effects of monetary and macro-prudential policies – evidence from inflation targeting economies in the Asia-Pacific region and potential implications for China
(02.03.2017)
BOFIT Discussion Papers 4/2017
BOFIT Discussion Papers 4/2017
We examine the effects of monetary and macroprudential policies in the Asia-Pacific region, where many inflation targeting economies have adopted macroprudential policies in order to safeguard financial stability. Using ...
Rahapoliittiset ostot laajennettiin valtionlainoihin
(23.01.2015)
Suomen Pankki. Blogi
Suomen Pankki. Blogi
Eurojärjestelmä toteuttaa hintavakaustavoitettaan pyrkimällä viemään yhdenmukaisella kuluttajahintaindeksillä mitatun inflaation keskipitkällä aikavälillä lähelle kahta prosenttia. Vuoden 2014 aikana useat hintavakauden ...